Exxon Mobil shatters its own record for the biggest profit ever

2008-11-04 14:00:04 (GMT) (Caymanmama.com - Business News)

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Exxon Mobil Corp.

Exxon Mobil Corp. shatters record for the biggest profit from operations by a U.S. corporation, earning $14.83 billion in the third quarter

Irving, Texas (CaymanMama.com) — The rich keep getting richer as a report comes out of Texas today that Exxon Mobil Corp., the world’s largest publicly traded oil company, has shattered its own record for the largest profit from operations by an American corporation.

Thursday’s report as per the Associated Press shows that the oil giant earned some $14.83 billion in their third quarter. The company, based out of Irving, Texas, has reported unparalleled continuous quarters.

According to the report, “Benchmark oil prices fell another $2.21 to $65.29 Thursday on the New York Mercantile Exchange, about 56 percent off record highs in July.”

Exxon reported that the company’s net income increased nearly 58 percent to $2.86 a share in their third quarter compared to $9.41 billion, or $1.70 a share, in 2007.

The last record for U.S. corporate profit was set in the last quarter, when Exxon Mobil earned $11.68 billion. The increase came as a result of the sale of a natural gas transportation business in Germany.

Much to the delight of the American public, crude oil prices have steadily fallen by approximately half from the summer’s remarkable highs raising questions about the energy demand into the next year.

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